# 金融代写|金融数学代写Financial Mathematics代考|Best30

## 金融代写|金融数学代写Financial Mathematics代考|Equities and Equity Valuation

The assets of most operating firms are financed by a combination of major security types, especially debt (bonds) and equity (common stock) as illustrated in the following simplified balance sheet:
Assets $=$ Debt $+$ Equity
The capital structure of a firm refers to the various sources of funds that support the firm’s assets.

This section provides an introduction to the valuation of a corporation’s equity.

The equity or common stock of a corporation is a residual claim, meaning that the owners of the equity (i.e., equity holders or stockholders) are entitled to cash flows from the firm’s assets after the other major claimants have received value promised to them. The two primary claimants ahead of stockholders in a firm’s capital structure are the debt holders and the holders of preferred stock. For simplicity, the remainder of the section assumes that there is no preferred stock in the firm’s capital structure. The idea of equity holders being the residual claimants of the firm is illustrated by rearranging the previous equation:
$$\text { Equity }=\text { Assets }-\text { Debt }$$
The assets of the firm may be viewed as generating operating income that gets distributed first to the firm’s debt holders for interest (coupon) and principal payments. Income taxes are then paid on the profits (i.e., operating income minus interest expense). The after-tax earnings of the firm are then divided into the portion that is distributed on a pro rata basis to the firm’s stockholders in the form of dividends and a portion that will be retained inside the firm for acquisition of new assets (retained earnings). A dividend is a per-share distribution from the firm to its stockholders.

## 金融代写|金融数学代写Financial Mathematics代考|The Dividend Discount Model

Though modern financial modeling treats stock prices as random variables, it is important to understand the dividend discount model. The value of a common stock, like the value of any financial asset, emanates from the value of its future dividends. While in practice there are stock valuation models based on earnings or book values, in theory the dividend discount model is the most direct method of valuing stock.
Dividend amounts are set by the board of directors of a corporation who are selected by equity holders. Dividend policy has been a subject of great discussion. Modern corporate finance theory argues that dividend policy is irrelevant to the value of the firm in the absence of taxes and market imperfections. The argument is quite simple: the net earnings of the firm belong to the shareholders and it is irrelevant whether the earnings are distributed immediately to the shareholders in the form of dividends or reinvested in the firm’s assets on behalf of the shareholders.
On average, U.S. operating firms pay very roughly one-third to one-half of their earnings to shareholders in the form of dividends. The remainder gets reinvested in the firm causing the firm’s assets and equity to grow. Therefore, stockholders derive their investment return in the form of both dividends and capital gains. Most firms pay dividends – per-share distributions of the firm’s earnings – on a regular schedule such as quarterly to their shareholders, but some firms pay no dividends.

To the shareholders, capital gains are realized when shares are sold at a price above their original purchasing price. An investor may buy a share of stock for $\$ 40$, collect$\$1.20$ in dividends during the year, and sell the stock at the end of the year for $\$ 44$. The shareholder will have received a$3 \%$annual dividend yield and a capital gain of$10 \%$for a total annual return of$13 \%$. Unlike the situation of bondholders who received fixed payments according to a specified schedule, neither dividends nor capital gains are fixed obligations of the firm. Thus, the process of valuing common stock is difficult because the key sources of return from stock – dividends and capital gains must be estimated. ## 金融代写|金融数学代写金融数学代考|股票和股权估值 大多数经营公司的资产由主要证券类型的组合提供资金，特别是债务(债券)和股权(普通股)，如下简化的资产负债表所示:资产$=$债务$+$股权 一个公司的资本结构指的是支持该公司资产的各种资金来源 本节介绍公司股权的估值 公司的股权或普通股是一种剩余索取权，这意味着在其他主要索取权人收到承诺给他们的价值之后，股权的所有者(即股权持有人或股东)有权从公司的资产中获得现金流。在公司的资本结构中，排在股东前面的两个主要索赔人是债务持有人和优先股持有人。为了简单起见，本节的其余部分假设该公司的资本结构中不存在优先股。公司的资产可以被视为产生营业收入，这些收入首先分配给公司的债务持有者，用于支付利息(息票)和本金。 $$\text { Equity }=\text { Assets }-\text { Debt }$$ 然后对利润支付所得税(即，营业收入减去利息费用)。公司的税后收益被分成两部分，一部分以股息的形式按比例分配给公司的股东，另一部分将保留在公司内部用于收购新资产(保留收益)。股息是公司向股东的每股分配 ## 金融代写|金融数学代写金融数学代考|股利贴现模型 虽然现代金融模型将股票价格视为随机变量，但理解股利贴现模型是很重要的。普通股的价值，就像任何金融资产的价值一样，源自其未来股息的价值。虽然在实践中有基于收益或账面价值的股票估值模型，但在理论上，股息贴现模型是最直接的股票估值方法。股息数额是由公司的董事会确定的，董事会是由股东选出的。股利政策一直是人们广泛讨论的话题。现代公司金融理论认为，在没有税收和市场不完善的情况下，股利政策与公司价值无关。理由很简单:公司的净利润属于股东，至于收益是立即以股息的形式分配给股东，还是代表股东将其再投资于公司资产，则无关紧要。平均而言，美国运营公司以股息的形式向股东支付利润的三分之一到二分之一。其余的再投资于公司，使公司的资产和股本增长。因此，股东以股息和资本利得的形式获得投资回报。大多数公司定期(如每季度)向股东支付股息，即每股公司收益的分配，但有些公司不支付股息 对于股东来说，当股票以高于最初购买价的价格出售时，资本利得就实现了。投资者可以为$\$40$购买股票，在这一年中获得$\$ 1.20$的股息，并在年底卖出股票，为$\$44$。股东将获得$3 \%$年股息收益率和$10 \%$的资本利得，总年回报率为$13 \%$。不像债券持有人按照规定的时间接受固定支付，股息和资本利得都不是公司的固定义务。因此，普通股的估值过程是困难的，因为股票收益的主要来源——股息和资本利得必须估算

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